Mackay millionaire is on board with McAleese

AUCTION: Failed transport company McAleese has put truckloads of assets up for auction.
AUCTION: Failed transport company McAleese has put truckloads of assets up for auction. GraysOnline

MACKAY businessman Keith Price is back on board with McAleese.

Mr Price, the former owner of McAleese and the second richest man in Queensland in 2013 due to his share in the company before it was listed on the Australian Securities Exchange, was reappointed to the board on Friday.

It has been reported in the Australian Financial Review that Mr Price led a group of Mackay investors who wanted to oust chairman Mark Rowsthorn before the company went into voluntary administration in August but were beaten by the appointment of administrators.

"(The Mackay investors) were angered that the appointment of administrators early on (August 29) had thwarted their bid to remove Mr Rowsthorn and four other directors and replace them with Mr Price and another nominee, and that (the administrators) wouldn't say when the meeting would be reconvened," the AFR wrote.

Mr Rowsthorn resigned from the board a day later but stayed on as managing director of the company.

The Mackay transport company, started by Wally McAleese in the 1930s, grew into a multi-million dollar Australian Securities Exchange listed company with turnover of $750million a year.

But the company, that went from simply being trucks outside Mr McAleese's Victoria St home to depots all around Australia, went into voluntary administration on August 29, with the future of its Mackay workforce, among others, up in the air.

The company's financiers had pulled out on a deal made in June to recapitalise the company because McAleese could not meet the condition of having its rent expenses reduced.

Mr Price's appointment to the board puts him alongside other Mackay investors Gilberto Maggiolo and Maurice Smith.

The Australian Financial Review also reported that Mr Price's 26 million McAleese shares were worth about $38million when the company floated on the Australian Stock Exchange in 2013 and were now worthless.

Despite Friday's appointments administrators have already started to the break apart McAleese.

GraysOnline auction company currently has 15 auctions running and another five about to start within the next six months.

One of these is for 30 prime movers with offers between $5000 and $40,000 for trucks that would be worth more than $100,000 new.

And all of these items may be gone before the board can make any decisions as an ASX announcement stated Mr Price, Mr Maggiolo and Mr Smith would have their powers suspended during the voluntary administration period.

Topics:  business keith price mackay mcaleese voluntary administration

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